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jim johnson fannie mae net worth

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jim johnson fannie mae net worth

Using what Bove calls “aggressive calculations” for net income, he estimates that Fannie Mae’s common shares are worth $1.68, while Freddie Mac’s common shares are worth $1.50. [43] He was also named as a Washingtonian of the Year by Washingtonian magazine in 1998. In addition to his son, Mr. Johnson is survived by his wife, Heather Muir Kirby, a managing director at Deutsche Bank; a sister, Marilyn LaMourea; and a grandson. The only vintages that, as of 2012 incurred net losses were 2005-2008. I knew Jack Kennedy. In June 2008, Conde Nast Portfolio reported that several influential lawmakers and politicians, including Senate Banking Committee Chairman Christopher Dodd, Senate Budget Committee Chairman Kent Conrad, and former Fannie Mae CEO Jim Johnson, received favorable mortgage financing from Countrywide by virtue of being "Friends of Angelo". [9], In the 1972 Democratic Party presidential primaries, Johnson started as the national campaign coordinator for Senator Edmund Muskie, whose primary campaign came to an end despite early victories in Iowa and Illinois. Mr. Johnson returned to politics to manage Mr. Mondale’s ill-fated campaign for president in 1984. A pillar of the Washington establishment, Mr. Johnson would parlay his extensive political skills into a second career in finance and emerge as a major power broker who simultaneously led three prominent institutions: Fannie Mae, the Kennedy Center and the Brookings Institution. His much-younger housemaid whom he eventually married, Barbara Piasecka, won a nasty lawsuit with his children for the inheritance and died in 2013 with a fortune worth an estimated $3.6 billion. James A. Johnson (December 24, 1943 – October 18, 2020)[1] was an American businessman, Democratic Party political figure, and chairman and chief executive officer of Fannie Mae. When Mr. Mondale was elected vice president in 1976, Mr. Johnson became his executive assistant. [7], Johnson's first marriage was to Katherine Marshall. [15], An Office of Federal Housing Enterprise Oversight (OFHEO) report[22] from September 2004 found that, during Johnson's tenure as CEO, Fannie Mae had improperly deferred $200 million in expenses. “Senator,” Mr. Bentsen said, “I served with Jack Kennedy. Today, Freddie Mac reported … He also aided in several presidential runs. Mr. Frater was appointed Chief Executive Officer of Fannie Mae in March 2019, and prior to that time, he served as Fannie Mae’s Interim Chief Executive Officer beginning in October 2018. A member of the Democratic-Farmer-Labor Party, the elder Mr. Johnson was elected to the state legislature and became speaker of the House in the late 1950s. Johnson was also a member of the Steering Committee of the Bilderberg Group and participated in all of their conferences since 1998 except in 1999 and 2004. [1], American businessman and political figure, Princeton School of Public and International Affairs, 1972 Democratic Party presidential primaries, Office of Federal Housing Enterprise Oversight, "James A. Johnson, executive who transformed Fannie Mae into political powerhouse, dies at 76", "Obama turns to trusted political insider Jim Johnson for key campaign role", "Democratic Party Power Broker James A. Johnson Dies at 76", "U. of Minnesota Faces Inquiry Spurred by Radicalism Dispute; Legislature Acts After Professor Stirs Protests by Calling for Diversity of Opinion—Tenure Policy Assayed", "Feared and fearless: A Q&A with journalist Gretchen Morgenson, watchdog of Wall Street and Washington", "Advocates for equity, free speech are 2019 Humphrey Leadership Awardees", "A Quick and Quiet Search to Fill the Democratic Ticket", "Muskie and McCarthy Entered In Illinois Primary on March 21", "Mondale Will Seek $100,000 to Explore Prospects for 1976", "Politics; for a Mondale Friend, One Question Lingers", "President Clinton Names Six Members to the Board of Trustees of the John F. Kennedy Center for the Performing Arts", "Goldman Sachs Director Johnson Opposed by Buffett-Linked Fund", Report of Findings to Date - Special Examination of Fannie Mae, "High Pay at Fannie Mae For the Well-Connected", Report of the Special Examination of Fannie Mae, "Fannie Mae's Johnson, a 'Pied Piper,' Led U.S. Off Cliff Books", "How 'Reckless' Greed Contributed To Financial Crisis", "There's a new pay czar approving how much Goldman Sachs' top brass gets paid", "Obama Picks Caroline Kennedy, 2 Others for VP Search (Update2)", "Johnson Steps Down from Obama VP Search", "McCain Attacks Obama on Ties to Former Fannie Mae CEOs", "Arts Briefing: Highlights; New Kennedy Center Chairman", "John Thornton to Succeed James A. Johnson as Chairman of the Brookings Board", "James (Jim) A. Johnson, Council Chairman", "Awards for exemplary achievements in the built environment", "After 25 years of marriage, Washington power couple Maxine Isaacs and Jim Johnson separate", https://en.wikipedia.org/w/index.php?title=James_A._Johnson_(businessman)&oldid=992035755, Members of the Steering Committee of the Bilderberg Group, Princeton School of Public and International Affairs alumni, Short description is different from Wikidata, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 3 December 2020, at 03:37. The man responsible for the change was James Johnson, a close aide to Vice President Walter Mondale who came to Fannie Mae in 1990. In fairness to Mr. Johnson, the vast majority of losses racked up by Fannie were the results of loans bought after he departed. Indeed, throughout his career Mr. Johnson supported racial and economic equality, starting with his participation in the 1965 civil rights march from Selma to Montgomery, Ala., while he was in college. “He and I both were from Minnesota,” Mr. Mondale recalled in a phone interview, “and we spoke the same language.”. His marriages to Katherine Marshall and Ms. Isaacs ended in divorce. Senator, you’re no Jack Kennedy.”. In reviewing the research, Mr. Johnson noticed that Mr. Quayle had frequently compared himself to John F. Kennedy and told Mr. Bentsen and his team to expect him to do so again at the debate. [15] After selling Public Strategies to Shearson Lehman Brothers in 1985,[16] Johnson was a managing director at Lehman Brothers from 1985 to 1990. [35][36][37] He was also chairman of the Brookings Institution (1994–2003)[38] and continued thereafter to serve on the Advisory Council of the Brookings Institution's Hamilton Project. See Kimberly H Johnson's compensation, career history, education, & memberships. In the oral history, Mr. Johnson skirted the controversies of his tenure at Fannie Mae. In 2008 he briefly served on a team that included former Deputy Attorney General Eric Holder (later the attorney general), right, to help Barack Obama choose a running mate. From 1999, when the company went public, until May 2018, he served as chairman of the compensation committee at Goldman Sachs. in political science in 1966,[7] and a Master of Public Affairs degree from the Princeton School of Public and International Affairs at Princeton University in 1968. He was the campaign chairman for Walter Mondale's unsuccessful 1984 presidential bid and chaired the vice presidential selection committee for the presidential campaign of John Kerry. It says that former Fannie chief Jim Johnson, ... long past the point when Johnson was gone. Morgenson described him in an NPR interview as "corporate America's founding father of regulation manipulation". Originally reported as $6–7 million, Johnson actually received approximately $21 million. As the volume of mortgages picked up, Jim Johnson and his Fannie Mae realized that in order to keep their spot on this merry-go-round, they would have to loosen their purse strings. James A. Johnson, Democratic Power Broker, Dies at 76. He died on Oct. 18 at his home in Washington. (I was Fannie Mae’s SVP for government and industry relations when Jim Johnson first served aa Fannie’s Vice Chairman and later its Chairman and CEO.) From 1990 to 2000, the company's stock grew 500 percent. [39][40] Since 2011, he has been chairman of the Advisory Council for the Stanford University Center on Longevity. He would go on to work for several other Democratic presidential hopefuls over the next four decades, including Edmund Muskie, George McGovern, Walter Mondale and Al Gore, in addition to Mr. Kerry. [12] In 1974, Mondale considered a run in the 1976 presidential primaries with an exploratory committee which Johnson helped create. Johnson was born on December 24, 1943, in Benson, Minnesota. Johnson and Fannie Mae were not alone in loading taxpayers with financial risks. Mr. Johnson addressing the news media in 1983, when he was running former Vice President Walter Mondale’s presidential campaign. Mr. Johnson in 1999, when he was chairman of the John F. Kennedy Center for the Performing Arts. “Jim Johnson was clearly the reason the senator was prepared for that exchange,” Jack Martin, a longtime Bentsen aide who was in the room at the time, said in an interview. Q2 2008, during the media frenzy of the financial crisis, Fannie reported a net loss of $2.3 Billion. Mr. Johnson left in 1990 to join Fannie Mae as vice chairman; he became chairman and chief executive in 1991. With funding from the Fannie Mae Foundation, he started the think tank’s Center on Urban and Metropolitan Policy, now the Metropolitan Policy Program. Hugh R. Frater is Chief Executive Officer, Director of the Company. Within two blocks, there were 14 houses filled with his aunts, uncles and cousins. [2][3] He was the son of Adeline, a schoolteacher, and Alfred I. Johnson, who was a member of the Minnesota House of Representatives from 1941 to 1958, and served as speaker of the house in 1955 and 1957. In part as a result of those changes, Fannie’s net income more than tripled from $1.17 billion in 1990 to $3.91 billion in 1999, the year after Mr. Johnson retired. During that time, he was the campaign manager for Walter Mondale's unsuccessful 1984 presidential bid. [15] Together, they had a son (Alfred). He stayed out of presidential politics while at Fannie Mae but returned to it after leaving the company, helping Democratic candidates with their vice-presidential selection, debate negotiations and transition planning. [42], In 1994, Johnson received the Honor Award from the National Building Museum for his contributions to the U.S.'s building heritage during his tenure at Fannie Mae. Prior to joining Fannie Mae, Ms. Brown served in a variety of roles at Morgan Stanley from 1999 to April 2017, including as Global Treasurer from 2014 to April 2017 and as Head of Investor Relations from 2010 to 2014. [29] However, Johnson soon became a source of controversy when it was reported that he had received $7 million in cut-rate mortgage loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage crisis. Fannie Mae and Freddie Mac continue to suffer losses three years after being taken under government conservatorship. None became president, but Mr. Johnson maintained a reputation as a pragmatic, shrewd and trusted insider. Other family members and associates include Edward Maggett, Knekia Maggett, Edward Maggett, Ian Desilva and Harold Desilva. [20][21] In 1996 Johnson published a book, Showing America a New Way Home. [26] Andrew Ross Sorkin wrote in The New York Times in 2012, "In fairness to Mr. Johnson, the vast majority of losses racked up by Fannie were the results of loans bought after he departed. James A. Johnson (December 24, 1943 – Dec 02, 2020) was an American businessman, Democratic Party political figure, and chairman and chief executive officer of Fannie Mae. If you want to know how Fannie Mae and Freddie Mac have survived scandal and crisis, consider this: Over the past decade, they have spent nearly $200 million on lobbying and campaign contributions. Brown previously served as Fannie Mae’s Senior Vice President and Deputy Chief Financial Officer from May 2017, when she joined Fannie Mae, to August 2018. Once called “the chairman of the universe,” he led Fannie Mae, the Kennedy Center and the Brookings Institution. [1] They separated in 2010[15][45] and subsequently divorced. [21][27][28] He also served on the board of Forestar Group, Gannett Company, Inc.,[2] KB Home,[21] Target Corporation,[20] Temple-Inland,[2] and UnitedHealth Group. [25] [17], In 1990, Johnson became vice chairman of Fannie Mae, or the Federal National Mortgage Association,[15] a United States government-sponsored enterprise and publicly traded company. In 1988, James A. Johnson, a Democratic operative, was helping Senator Lloyd Bentsen, the Democratic vice-presidential nominee, prepare for his debate with Senator Dan Quayle, his Republican opponent. [23] A 2006 OFHEO report[24] found that Fannie Mae had substantially under-reported Johnson's compensation. Jack Kennedy was a friend of mine. After this adjustment, Fannie Mae showed a cash net … After leaving Fannie Mae, Mr. Johnson joined the boards of several companies, including Goldman Sachs and Target. Mr. Johnson and Mr. Holbrooke sold Public Strategies in 1985 to Shearson Lehman Brothers, where they both became managing directors in the investment banking division. Fannie Mae produced an automated underwriting system (AUS) tool called Desktop Underwriter (DU) which lenders can use to automatically determine if a loan is conforming; Fannie Mae followed this program up in 2004 with Custom DU, which allows lenders to set custom underwriting rules to handle nonconforming loans as well. Mr. Johnson briefly led the vice-presidential selection process for Senator Barack Obama in 2008, but he stepped down after The Wall Street Journal reported that he had received preferential loan rates from Countrywide Financial, the mortgage company at the center of the subprime lending crisis. After earning his master’s degree in public policy at Princeton in 1968, he signed on with Eugene J. McCarthy’s antiwar presidential campaign. [18][19] In 1991, he was appointed chairman and chief executive officer of Fannie Mae,[15] a position he held until 1998. [2][4], At the University of Minnesota, Johnson was student body president[5][6] and graduated with a B.A. [10] From 1973 to 1976, Johnson served as director of public affairs at the Dayton-Hudson Corporation (now Target Corporation). Read Full Summary [12][14], In 1981, Johnson co-founded Public Strategies, a private consulting firm, with diplomat Richard Holbrooke. Led by a team of accomplished professionals, Fannie Mae is shaping the future of the housing industry. His son, Alfred, said the cause was complications of a neurological disease. A Medici With Your Money - By Matthew Cooper - Slate Magazine Indeed, preserving its government subsidy is Fannie Mae's central mission, which helps to explain why a fellow like Jim Johnson … The story centers around James Johnson, a Democratic sage with a raft of prestigious connections. Mr. Johnson, left, joined Fannie Mae in 1990; he succeeded David O. Maxwell, right, as chairman and chief executive in 1991 and built the company into one of the dominant financial institutions in the world. He was also chairman of both the Kennedy Center for the Arts and the Brookings Institution. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998. The New Deal deposit insurance safety net that worked so well when limited to deposits in heavily regulated banks that paid fees into an insurance fund was also being perverted. Before working for Fannie Mae, Johnson co-founded the private consulting firm Public Strategies with diplomat Richard Holbrooke. [21] Johnson was also the vice chairman of the private banking firm Perseus. “I wasn’t a very good candidate,” he said. Ms. Johnson served in Fannie Mae’s Multifamily business as Senior Vice President for loans, securities, credit pricing and modeling, and as Vice President in our Capital Markets group with responsibility for trading multifamily loans and securities from 2009 to 2013. "[20], Johnson was one of the first outside directors and the longest-serving board member of the investment bank Goldman Sachs. Government–backed Fannie Mae remains a vital cog in the U.S. housing market. Mr. Johnson himself made an estimated $100 million in eight years with the company. “It's clear that investors don't yet fully appreciate the implications of this ruling. Jim attended the University of Minnesota, where he was elected student body president in his sophomore year. But even though he makes some $5 million a year off the Federal National Mortgage Association (Fannie Mae), of which he is also chairman, he is not a philanthropist with his own money. [41] He was a member of the American Academy of Arts and Sciences, the American Friends of Bilderberg, the Council on Foreign Relations, and the Trilateral Commission. Jim Parrott spent several years in the Obama White House as a senior adviser at the ... Trump re-tweeted an infographic that suggests the net worth sweep was illegal. [1], Johnson died on October 18, 2020, at his home in Washington, D.C., at age 76; he had suffered from a neurological condition in the time leading up to his death. Mr. Mondale said in the interview that his landslide loss of 49 states to President Ronald Reagan was no reflection on Mr. Johnson. His mother, Adeline (Rasmussen) Johnson, taught Latin and German at the local high school. As chairman and chief executive, he led Fannie Mae to record profits; its net income more than tripled to $3.91 billion in 1999, the year after he retired. James A. Johnson in 2004, when he led the vice-presidential search for Senator John Kerry’s campaign for the White House. Former Senator Tom Daschle, a… He graduated in 1966 with a degree in political science. Hugh Frater biography. When people would ask, he said in a 2016 oral history, he would say, “I do some kind of combination of public policy, politics, government, philanthropy and business.”, At another juncture, he explained his work this way: “I talk.”, In April 2004, as he declined to divulge details of the vice-presidential search he was leading for the soon-to-be Democratic presidential nominee, Senator John Kerry, he told The New York Times, “I would discreetly characterize myself as discreet.”. [11] During this period, Johnson also worked for Senators George McGovern[2] and Walter Mondale.

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